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Corporations don’t pay taxes. The customers do...once again a burden on the middle class. Just passed along as higher prices rather than be a cut to profits.
Mr Obvious knows that all "income taxes" shift to the consumer - the source of that taxable income - as well as unstoppable inflation.
Any business that does not shift the bill to the consumer, and loses profitability, is soon out of business or relocates to a friendlier country.
The socialist idiocy that taxes on labor and industry are necessary to "help" the unemployed has destroyed America's status as the most productive industrialized nation. The irony is that there is more underemployment than before socialism's "help". And those who have to spend everything they earn - the poor - thus pay a higher percentage of the tax bill.
Want meaningful change?
End all taxation of labor and industry.
Not only will that eliminate administrative overhead and government meddling, it will cause a repatriation of industry that will cause an economic BOOM.
DOWNSIDE?
A labor shortage will result, triggering demands for more "guest workers" to be imported. SIGH.
Last edited by jetgraphics; 10-25-2020 at 02:41 PM..
in 1986, the top 1% only paid an effective rate that was 66.2% of the marginal. While some of this is because the marginal rate only applies to the top end of their earnings, we removed a lot of tax code loopholes.
In 2016, their effective rate was slightly higher - 67.93% of the marginal.
all you "fair sharers" prepare to be surprised ...
These webites are always based on earned income not long term capital gains that is how the ultra wealthy get around paying tax. They simply arrange their income so it flows to them as long term capital gains not earned income.
Quote:
Originally Posted by BoBromhal
unfortunately, you went back to not making sense.
First, their effective rate isn't 17%. It's much higher.
Second, yours isn't 26%. It's much lower.
You can't compare "their" total effective rate to "your" marginal rate - which would be 24% if you're married and 32% if you're a single at $150K.
The jealousy and hypocrisy of the left knows no bounds.
Isn't funny how they are so good about telling others what to do with their money, yet they never put their own money where their mouth is? Also their lack of basic knowledge when it comes to economics, is astounding. Its simple: Tax the rich and they'll just leave and take all the jobs with them.
If they were truly concerned w/ the poor, they would take half of everything they own and give it to the guy panhandling on the street.
Benny Hill sums up socialism/wealth redistribution and its hypocritical proponents in 20 seconds.
These webites are always based on earned income not long term capital gains that is how the ultra wealthy get around paying tax. They simply arrange their income so it flows to them as long term capital gains not earned income.
Regarding your assertion (which I bolded), not true. Capital gains are taxable income and as such are included when calculating one's effective federal income tax rate. All you have to do is read a US 1040 to see that what I said is true.
Regarding your assertion (which I bolded), not true. Capital gains are taxable income and as such are included when calculating one's effective federal income tax rate. All you have to do is read a US 1040 to see that what I said is true.
That is true on a 1040 where did I say I was talking about someone's 1040? I'm talking about website's who claim that the wealthy pay enormous amounts of Federal tax when they don't.
That is true on a 1040 where did I say I was talking about someone's 1040? I'm talking about website's who claim that the wealthy pay enormous amounts of Federal tax when they don't.
What do you think a US 1040 is? It reports taxable income to the IRS, which includes capital gains, etc. It's used to determine one's actual effective federal income tax rate. The IRS publishes that data. That's where the websites are getting the info from, the IRS itself.
What on earth makes you think the IRS's published data on various income groups' actual effective federal income tax rates is wrong?
What do you think a US 1040 is? It reports taxable income to the IRS, which includes capital gains, etc. It's used to determine one's actual effective federal income tax rate. The IRS publishes that data. That's where the websites are getting the info from, the IRS itself.
What on earth makes you think the IRS's published data on various income groups' actual effective federal income tax rates is wrong?
They pull data from "Earned Income" not "Capital Gains income".
They pull data from "Earned Income" not "Capital Gains income".
Provide proof of that.
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